What does total factor productivity mean?
Definitions for total factor productivity
to·tal fac·tor pro·duc·tiv·i·ty
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Wikipedia
Total factor productivity
In economics, total-factor productivity (TFP), also called multi-factor productivity, is usually measured as the ratio of aggregate output (e.g., GDP) to aggregate inputs. Under some simplifications about the production technology, growth in TFP becomes the portion of growth in output not explained by growth in traditionally measured inputs of labour and capital used in production. TFP is calculated by dividing output by the weighted average of labour and capital input, with the standard weighting of 0.7 for labour and 0.3 for capital. Total factor productivity is a measure of economic efficiency and accounts for part of the differences in cross-country per-capita income. The rate of TFP growth is calculated by subtracting growth rates of labor and capital inputs from the growth rate of output.
Numerology
Chaldean Numerology
The numerical value of total factor productivity in Chaldean Numerology is: 1
Pythagorean Numerology
The numerical value of total factor productivity in Pythagorean Numerology is: 7
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"total factor productivity." Definitions.net. STANDS4 LLC, 2024. Web. 7 May 2024. <https://www.definitions.net/definition/total+factor+productivity>.
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